Rufus F. And Marguerite H. Turner v. Commissioner of Internal Revenue

J. SPENCER BELL, Circuit Judge.

This is an appeal from a decision of the Tax Court sustaining the Commissioner’s determination of a deficiency of $11,670.36 in income tax for the year 1957 of the petitioners, Rufus F. Turner and wife, Marguerite H. Turner, hereafter referred to as Turner. The appeal involves two questions: first, whether the taxpayer received property other than stock and securities within the provisions of § 351(b) of the Internal Revenue Code of 1954, 26 U.S.C.A. § 351 (b); and second, whether the taxpayer received a taxable bonus of $10,000.00 in the year 1957.

Prior to…